Green Ps (that’s a new abbreviation we made up today), are of the notion that only people who are housed, employed, healthy and happy can take on extras like yoga classes and only then start worrying about issues such as climate change and the environment.
That’s why we were happy to see that the US is going to finance mortgages for people in the Palestinian Authority. The houses may not be green, but it’s one step, we believe, to creating sustainable communities and an all round greener Middle East.
In a press release we received this week from the US Embassy, they write that the President of the US government’s Overseas Private Investment Corporation (OPIC) Robert Mosbacher, Jr. will provide up to $500 million for a residential mortgage loan program to support the expansion of affordable housing for Palestinians.
“Mortgage finance that is both affordable and accessible is a vital engine for home ownership and economic growth,” Mosbacher said. “This mortgage program will expand mortgage lending to the people who need it most, and in the process provide hope to average Palestinians living in the West Bank.”
The mortgages will be available with tenors of up to 25 years for low and middle income Palestinian households. In the agreement OPIC will provide up to a $250 million guaranty. The Palestine Investment Fund, the International Finance Corporation (IFC), and the Bank of Palestine will each provide up to $75 million.
A few other organizations will contribute $20 million or so here and there.
The agreement to launch the fund was signed by Mr. Mosbacher, Lars Thunnel, IFC’s president and CEO and Dr. Mohammad Mustafa, CEO of the Palestine Investment Fund. Palestinian President Abbas and Prime Minister Fayyad thanked the contributing donors for making this project a reality.
See Green Prophet related :: Controversial New Arab City in the Galilee and :: The First Modern City With Affordable Housing For Palestinians
Photo credit: Ahron